Ventyx Biosciences, Inc. Q2 FY2022 earnings call

• VTX-958 is a highly selective allosteric TYK2 inhibitor with positive Phase 1 results showing high selectivity, excellent safety profile, and class-leading TYK2 IC-90 coverage up to 24 hours for IL-12/IL-23 and interferon-alpha. • Portfolio includes other compounds: VTX-002 in Phase 2 for ulcerative colitis, VTX-2735 with Phase 1 results and Phase 2 trials planned, VTX-3232 in IND-enabling studies. • TYK2 is a clinically validated target in large immune disease markets ($50B worldwide) with high unmet need. • Differentiation from Deucravacitinib in safety, target coverage, and reduced skin adverse events. • Plans to initiate three Phase 2 trials in Q4 2022 for psoriasis, Crohn's disease, and psoriatic arthritis; modified release formulation in development for VTX-958.

No detailed financial segment performance with revenue contribution percentages provided. Focus is on VTX-958 and other compounds: VTX-958 is a highly selective TYK2 inhibitor, VTX-002 is a S1P1 modulator in Phase 2 for ulcerative colitis, VTX-2735 is an NLRP3 inhibitor with Phase 1 results and Phase 2 trials planned, and VTX-3232 is a CNS-penetrant NLRP3 inhibitor in IND-enabling studies.

• Plan to initiate three Phase 2 trials in Q4 2022 for psoriasis, Crohn's disease, and psoriatic arthritis. • Consider additional indications in Phase 2, including lupus. • Modified release formulation in development to approximate BID exposures with QD dosing.

• Adverse events related to interferon-alpha challenge, but minimal drug-related adverse events. • Uncertainty around regulatory labeling for TYK2 class compared to JAK inhibitors. • Potential off-target effects and unknowns in dermatologic adverse events.

Q: Clarification on skin rash not being drug-related and lipid measurements A: Rash judged not drug-related by investigators; no change in triglycerides or cholesterol Q: Thoughts on Deucravacitinib's label impact A: Differentiation from JAK inhibitors, optimistic about TYK2 class gaining ground in psoriasis market Q: Phase 2 trial size, duration, and development strategy A: Phase 2 trials in psoriasis (~200 patients, 16 weeks), Crohn's (~12 weeks), psoriatic arthritis (~200 patients, 16 weeks); modified release formulation in development Q: Impact of Deucravacitinib's label on VTX-958's development A: Label likely doesn't materially impact strategy; focus on own study designs Q: IC-90 coverage consistency and PK/PD questions A: IC-90 consistent across cytokines; no food effect or QT prolongation concerns noted yet Q: Phase 2 trial priorities A: All three Phase 2 trials (psoriasis, Crohn's, psoriatic arthritis) to start in Q4 2022, no priority among them